Fed's Williams backs rate hike in near future

WASHINGTON (MarketWatch) - San Francisco Fed President John Williams said Monday he supports a rate hike in the near future. "We're in no way rushing to move towards raising rates," Williams said in an interview with Bloomberg TV, noting that rates have been close to zero since Dec. 2008. The San Francisco Fed president said he wasn't worried about the slowdown evident in recent economic data, noting he still expects growth around 2.0-2.25% and the unemployment rate to dip below 5.0%. He said a decision on a rate hike would be "a close call." Williams said if the Fed raised rates in the next few months and the economy weakened, he had no problem with reversing course. Williams is a voting member of the Fed policy committee and seen as a key ally of Fed Chairwoman Janet Yellen.

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